Ontario County unveils low-interest loan program to boost small businesses: How will it work?

The Ontario County Economic Development Corporation (OCEDC), in partnership with Canandaigua National Bank & Trust Co. launched the Expansion and Growth Loan for Enterprise (EAGLE Fund), a new initiative designed to support small business expansion and job creation across the province. .

The EAGLE Fund provides loans ranging from $5,000 to $25,000 to eligible new and existing small businesses. Businesses in sectors such as manufacturing, retail, services, tourism and agriculture can apply, provided they meet legal business requirements. The loans, with a fixed interest rate of 2.50% and repayment terms of one to five years, can be used for a variety of purposes, including purchasing equipment, converting buildings, training employees and covering working capital.

“The EAGLE Fund is a vital resource for local entrepreneurs and small business owners looking to grow,” said Ryan Davis, Executive Director of OCEDC. “This program is a joint effort between OCEDC and Canandaigua National Bank to strengthen our local economy and generate employment for our community.”

Ginny Ryan, Senior Vice President and Director of Community Engagement and Communications at Canandaigua National Bank, emphasized the importance of the program. “This program will provide much-needed affordable financing to help business owners with many challenges,” she said. “As an independent community bank, we value local partnerships that deliver impactful solutions.”

Business owners interested in the EAGLE Fund can contact OCEDC at (585) 396-4460 or visit a Canandaigua National Bank branch in Ontario County for more information or to apply.

FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than twenty years. Do you have an edge? Send it to (email protected).